4 ms·
Also: I'm looking at Argentina as worst case here. http://en.wikipedia.org/wiki/Argentine_economic_crisis http://en.wikipedia.org/wiki/Argentine_economic_crisi
by lionhearted 18y ago
Also: I'm looking at Argentina as worst case here.
http://en.wikipedia.org/wiki/Argentine_economic_crisis http://en.wikipedia.org/wiki/Argentine_economic_crisis
"In July, 1989, Argentina's inflation reached 200% that month alone, topping 5,000% for the year."
"In 2001, people fearing the worst began withdrawing large sums of money from their bank accounts, turning pesos into dollars and sending them abroad, causing a run on the banks. The government then enacted a set of measures (informally known as the corralito) that effectively froze all bank accounts for twelve months, allowing for only minor sums of cash to be withdrawn."
"In addition to the corralito, the Ministry of Economy dictated the pesificación ("peso-ification"), by which all bank accounts denominated in dollars would be converted to pesos at official rate. This measure angered most savings holders and appeals were made by many citizens to declare it unconstitutional."